Commerce, Mining, & Finance

Evening Star, Issue 21743, 11 June 1934, Page 7

Commerce, Mining, & Finance

COTTON, RUBBER, ETC. FrtM • Ai*oci»tiott —By Telegraph—Copyright ■ LONDON, June 9. Friday’s closing prices were as follows :t Cotton: Spot, 6.65 d per 11) i July, 6.32 d per lb. Rubber: Para, ojd per lb; plantation .smoked, 6 9-16 d per lb. ■Jute: June-July, £l4 12s fid per ton. HempVMay-July, nominally £l6. ,'Copra: June-July, South Sea, £8 , per ton; smoked; £6 15b per ton; Plantation Rabaul, £8 12s 6d per ton. Linseed oil, £24 per ton. ' Turpentine, 46s 6cl. WHEAT MARKEt Freci Association—By Telegraph ' Copyright NEW YORK, June 9. Chicago wheat: July, 98i cents per bushel; September, 99 3-8 cents; December, 1014 cents; New York cash, 109 5-8 cents. METAL MARKET Bret* Association —By Telegraph- Copyright LONDON. June 9. The following are' the official metal quotations:— Copper.—Standard; £52 10s 7Jd per ton; forward, £32 16s 10{d per ton. ' Electrolytic.—Spot, £33 10s; for'ward, £36 per ton. Wire bars, £36 per ton. Lead,—Spot, £ll 2s 6d; forward, £ll 7s 6d; per ton. , „ , Spelter.—-Spot; £l4 17s 6d; forward, £ls Is 3d per ton. . Tin.—Spot, £230 7s 6d ; forward, £228 7s ’6d per ton.. ' ’ Pig Iron.—Home trade, £3 7s 6d; export, £3 2s 6d per ton, Antimony.:—’British, £43 10s; foreign, £25 15s per ton Silver.—Standard. ■ 19Jd; fine, 21 S-16d per oz. Molybdenite. £l.l6s,per unit. Wolfram, £2 -9s 6d pen unit. ■ 1 / - ■ - „ SYDNEY STOCK EXCHANGE Frew Association—By Telegraph—Copyright '■ ' SYDNEY, June 10. Sales: Bonds, per cent., 1938,; £lO6 3s 9d; 4 per cent.. 1941, £lO6 15s; i Tooth’s, 44b 3d; Anthony Hordern, 14s fid ; Associated News, '22s'7sd ; Lustre (pref.), 266 6d. . NEAT MARKET Frees Association—By Telegraph—Copyright LONDON, June 9. New Zealand , Sheep. Canterbury Sand’ North Island selected cross-bred •wethers and -maiden ewes: 4S-561b,. 5Jd pep lb; 57-6411), 51-Bd/per lb; 65-721 b, 4 5-8 d per lb. .North . Island: 48-561 b, fiid.pcr lb; 57-641 b, 5d per lb; 85-721 b, 4* s?Bd per lb. , North Island, ewes; 48-641b,-3|d per lb; 65.-721b,'3 3-8 d per lb. ' Australian Sheep. First quality cross-bred, and/or merino wethers: 40-6511), 4 3-Sd per lb. Second quality: 30-551 b, 4-1 d per lb. Ewes: 30-3511), 4Jd per lb. Argentine -Sheeps First quality cross-bred .wethers :■ 48-641 b, 5d per lb; 65-721 b, 44d per lb. Patagonian Sheep.—Wethers and/or maiden, ewes: ’solb and under, od ' per lb; 50-601 b, 4 3-8 d per lb. Patagonian Lambs.—First • quality: 361 b and under. 7 3-Sd per lb; 37-4211). 6fd, per lb. Second quality: Average about 301 b, 7 3-Bcl per lb. Argentine Lambs.- First quality: 361 b and .under, "id. per .lb; 37-421 b, 6fd per lb. Second quality, average, about 281 b, 7 3-8 d per lb. ’ New Zealand Lambs.—Cr.nterbuiy: First quality—36lb and under, 7|d per lb; 27-421b,-7 1-Sd per lb; 43-501 b. 6|d per lb; Second quality—Average l about 321 b, 74d per. lb. Other South Island: 37-421 b, 7 l-8d per lb: 43-501 b, 6«d per lb. • Selected North Island, including Downs: 361 b and-under, 73d per lb; 37-421 b, 7|d_perTb; 43-501 b, 7|d per lb. Second quality, average about 321 b, 7Jd per lb. ; Other North': Island; First quality—36lb and under; 7 5-Sd per lb; 37-421 b, 7d per lb. Second quality— Average about 321 b, 1 7- 3-8 d per lb. ■ Australian Lambs.—Victorian; First quality—36lb and'under. 7 3-8 d per lb : 37-421 b- 62(1 per II). Second quality—--361b and under. 7 3-8 d per lb. Other States: First qualitv—-361b and under. 7 3-Scl per lb; 37-421 b. 5 5-Sd per lb. Second quality—-361b and under, 7 3-8 d per lb. All States: Third nuality.' average about 261 K 7Jd) per lb. New Zealand Frozen Beef.—Ox fores Yl6o-2001b>. 2-ld per lb; ox binds (160-2201 V). 3 3-8 d per lb. _. Australian Frozen Reef.—Ox binds 11601 b; and under), 34d per lb; ox binds Cover 1601 b -). 3 3-8 d per lb; ox crop* (1001 b and under!. 25-8 d ner lb: ox crops (over 1001b!. -2 o-8d per lb- , Argentine Chilled Reef.—Ox fores (160-2201 b), 3.1-Sd net- lb: ox binds (160-2201 b), 5Jd .per lb. . New Zealand Piss.—First qualitv: »(Lao)b. 6|d ner lb; 81-1001 b. 6d per lb : ■ lOl'-lSOlb. 53d per lb. Australian Pig*.—First qualitv- 60100 Tb (aveVage about 801 b!. 6 1-Sd per lb: 101-1201 b. Sjd ner lb. .

WILSON'S CEMENT ANNUAL MEETING HELD DIVIDEND OF 10 PER CENT. There was a good attendance of shareholders in Wilson’s (N.Z.) Portland Cement Company at the annual meeting, held in Auckland on Wednesday. In moving the adoption of the report and balance-sheet, the chairman of directors (Sir George Elliot) supplied the following comments upon the bal-ance-sheet; — Marine insurance reserve has been credited with premiums on all cargoes of cement shipped coastwise by the company, a risk that is carried by the company itself. Full depreciation at rates allowed by the Income Tax Department has been taken off all fixed assets. After taking into account certain additions made to the plant during the year, the depreciation makes a reduction of £22,013 in the fixed assets compared with that of last year. Shares in'thd subsidiary company still stand at £49,996. This item, which in former balance-sheets was included in investments, is now shown separately, as required; by the new Companies Act. It represents this company’s holding in Wilson’s Collieries Limited, which company for many years mined and supplied coal ’ for the cement works at Portland. Owing to the very high cost ;of .coal, brought about by the unfriendly attitude of the miners, together with serious Hooding troubles, the mine was finally closed in November, 1933.- Subsequently the plant, buildings, stores, etc., were sold at a price much below book values. This loss has been fully taken care of in The accounts of the Collieries Company, and the remaining assets of an easily realisable nature more than cover the credit.shown in the balance-sheet. Wil8011*5 Collieries Limited still retains its entity, and purchases of coal for the cement works are made through its agency. Shares in other companies, New Zealand Government securities, and mortgages, do not call for comment,, other than to point - out that Government securities have been reduced by the amount given to shareholders by way of return of capital. Although cash in bank and on deposit bulks fairly" largely, very little of it is not. interest-earning.

GEAR MEAT COMPANY ' INTERIM DIVIDEND DECLARED THREEPENCE PER SHARE. .■ The directors of the Gear Meat Preserving and Freezing Company Ltd., at a meeting of the board held in Wellington on Thursday, decided to pay an interim* dividend for the half-year ended May 31 of 3d. per share. The devidend, which will be paid on June 21, on- the shares now 10s each, fully paid, is at the rate of 2J per cent. The distribution for the year ended November 30;, 1933, was 71 per cent., the shares being then £1 fully paid. DAIRY PRODUCE - THE MAY MARKET ! The'market,'alter keeping steady with very slight variations throughout the month, of May, showed a slight weakness on June 1, 'owing to the pressure on the part of Continental shippers to force more butter upon the British markets (state H. H, Turnbull and Co.,' in a report). Our latest cables advise' that this weakness has subsided, and although stocks in the United Kingdom show a seasonal increase consumption remains good, find the droughty 'conditions,' prevailing throughout the Northern Hemisphere, together with the sharp decline in New Zealand and Australian gradings, have caused a further firming in prices and market, conditions. _ The stock position in the United Kingdom shows that the quantity of New Zealand butter in store is gradually increasing, but as the market was able to absorb the heavy May arrivals and still continue to improve we consider that, in view of the fact that the arrivals for the next three months will be less than last year, there is every prospfeet of a firm market. • Forward butter: Buyevs continue to show considerable activity in forward butter and to pay from 7s to 8s per cwt more for f.o.b. purchases than the ruling spot prices in London. ; Cheese: The cheese market, like butter, has reriiained firm throughout the month and in the last week, has shown a distinct improvement in tone and in prices. The .dry conditions in the United Kingdom and Continent are also having a strengthening effect on tin; cheese market, whilst reports from Canada indicate that there is a possibility of a decline in production in Canada. Forward cheese: Considerable activity has taken place during the last week in forward cheese, and buyers have paid as high as 5Jd, f.0.b., for cheese in store to end of season’s make. Messrs TVeddel and Co. Ltd. cable ns that they anticipate a steady market for cheese.,

TEA RESTRICTION SCHEME SUCCESS CLAIMED In his address at the annual general meeting of the Mercantile Bank of India the chairman of directors (Sir Thomas Catto) said, inter alia:—“ In mv address to you last year 1 mentioned that a tea restriction scheme was being considered. -I am glad to tell you that this was duly put into operation, and the effects been most important. It is not too much to say that they have entirely changed the critical position of the tea industry. This is a fortunate thing indeed, because many tea gardens had reached not only the end of their own resources, but also of their powers to obtain credit, and another bad season would have meant the abandonment of many gardens aud the return to jungle, after years of expense and labour, of acres of tea-bearing land. Such dire results have been prevented and the industry saved. It is believed, moreover, that the scheme has been devised on so elastic a basis,_ with so comparatively small a restriction, that there is little likelihood of the scheme being a factor in forcing prices beyond economic levels and bringing the inevitable reaction of reduced consumption.”

STOCK AND SHAREBROKERS. CASH IMMEDIATELY. Listed and Unlisted Shares and Bonds, Building Society Shares, Insurance Policies, Mining Stocks, Mortgages may be turned into Cash immediately by consulting The securities corporation, 20 Crawford street, Dunedin. Telephone 11-777 (two lines!. Investors are asked to note that we arc an. independent firm of Stockbrokers and not connected with or controlled by any similar firm in N.Z THE SEARCH FOR GOLD COL GONDA HOLDINGS LTD. The directors of Golconda Holdings Ltd. have received notice (says an Auckland Press Association message) of the exercise of the option given to the Mataki Junction Gold Dredging Company. There is no liability over Golconda Holdings, Mataki Area (No. 1). Preparations are now proceeding to install a dredge which it is claimed wjll bo ■ the most modern yet installed in New Zealand. . 1 MANAGER’S REPORT. On June 2 the manager- of Golconda Mines Ltd. reported :—During the week the following work has been carried out it—The main drive is now 136 ft from the shaft. No reef has yet been cut, but we passed through another break, and the country;is good. The crosscut into the hanging wall was advanced 6ft. We are still in quartz, and the reef is wider than the drive, but no footwall is showing. The quartz has a better appearance as we go towards the footwall, and some of it L ks most promising for making gold. OPERATIONS AT WAIHI The following information has been cabled from Waihi to London:— Surface Level.—ln the school drive at 200 ft, east of Oats cross-cut, have intersected lender, course being 28Sdeg true aud dip 1 in 14 south-west. We have driven west by north-west on this for 44ft. Assav value 265, width about lift: ' ' - .No. .4 Level.—North branch, Martha lode, driving- south-west; next 48ft is ore of good grade, and width of lode varies from 3ft to 4ft. No. 5 Level.—North branch of Martha lode, driving south-west; next 26ft assay 8s 9d per ton. Lode is about 4ft wide. No. 6 Level.; —Lode, , at 468ft-.in. the cross-cut at 100 ft west,, is now a total distance of 41ft north-west, with nothing material to report. No. 7 Level.;—Cross-cut to northwest in search of north branch of Martha lode. At 312 ft have, intersected a mixture of quartz and country 3ft wide, assaying 17_s per ton. Course is 53deg true and clip 3 in 4 north. This is probably identical with lode met in,No. 6 level and reported in our cable of . February 1. GOLDEN DAWK MINING LAST- YEAR’S PROFIT £7lB. A profit' of £7lB is disclosed in the accounts of Golden Dawn Mines Ltd. for the half-year ended December 31, 1933. This compares With £1,488 in the previous half-year and £99U in the corresponding term of the previous year, aud increases the credit at profit and loss account to £3,359. The directors have decided to’ transfer £2,000 of this amount to development reserve account, £320 to depreciation, and to carry forward the balance of £1,039. The directors state that, as previously mentioned, another 10s a ton value or saving of costs, would make the company a paying concern, and they are doing everything possible with the means at their disposal to attain that objective.' During the ■ half-year 3,535 .tons of the company’s ore and 663 tons of outside ore were treated for a return of £16,351, after the deduction of duty, freight," insurance, refining, and outside ore realisations paid. In" the workings at No. 3 level an unknown reef, called Magazine reef, was discovered in. a short cross-cut from the stopes above No. 3 level, and was traced by short cros-cuts in several locations. It is intact to the surface, and gives promise of. providing a large tonnage of good grade ore. GILLESPIE’S BEACH WASH-UP The Gillespie's Beach return for the week ended June 9 was 54 ,ozl4dr.» for 125 hours’ dredging. OKARITO RETURN The Okarito return for the week ended Juno 9 was 270 z 3dwt for 124 hours’ dredjriiu:- ' NOKOMAI ACTIVITIES EXCAVATING MACHINE UNSUIT- . ABLE. The directors of the Nokomai Gold Mining Company Ltd-., in submitting to the. shareholders the second annual report and balance-sheet of the company, advise that the excavating machine installed on the company’s property is unsatisfactory and unsuitable. Owing to these circumstances, the directors decided to cease digging, and work with the excavator terminated on April 12. To clean up the partially excavated paddock, the directors have installed hydraulic elevators. During the past two weeks the board has been in negotiation with the representative of a London mining syndicate, and at his request, granted an option to purchase the company’s pro perty, plant, and claims, the terms of the option being £39,000 cash, in New Zealand currency, and £26,000 in fully paid up shares or the value of 2s each in the company. The granting of such option was made conditional on the shareholders approving of the same. At the annual meeting the shareholders will be asked to ’confirm the action of the directors in submitting this option on their behalf. The retiring director is Mr R. M’Dowcl) Smith, and, being eligible, offers himself for re-election. i BUTTER PRICES , The Australian board has fixed the minimum forward shipment butter prices to the United Kingdom at 9Jd and 9d for the coming week.—Wellington Press Association.